Pimco-one of the world's largest bond houses-recorded net outflows of 21.7 billion euros ($30.0 billion) between January and March 2014. This contributed to an 18.9 percent decline in operating revenues for Allianz's asset management business, although its overall assets under management grew 1.6 percent to 1,765 billion euros.
After the results were published, Allianz's chief financial officer told CNBC he was unconcerned about the outflows from Pimco.
"I think we are not concerned about the outflows of Pimco, because Pimco is doing a fantastic job for its customers. You cannot value a long-term asset manager by short-term performance," CFO Dieter Wemmer said.
"They are part of a strong group... we are compensating in the other segments," he added.
Allianz's overall business achieved its highest-ever quarterly revenue of 33.96 billion euros, up 6 percent on the same period a year before. However, operating profit fell 2.6 percent to 2.72 billion euros, down from the previous year's record figure of 2.80 billion euros. The company confirmed its 2014 profit outlook of 10 billion euros.
Allianz has come under intense shareholder scrutiny over reports of management turmoil at Pimco, following the unexpected resignation of its chief executive, Mohamed El-Erian, in January. Since then, Pimco has installed six deputy chief investment officers in El-Erian's stead.
At Allianz's annual meeting in Munich this month, shareholders said developments at Pimco had contributed to the decline in Allianz's share price. Its stock has fallen around 6.4 percent since the start of the year, closing at 130.35 euros on Tuesday.
In addition, net income attributable to shareholders fell 3.9 percent in the first quarter, down to 1.64 billion euros.
Read More Investors grill Allianz over Pimco
Nonetheless, Wemmer told CNBC that the media had exaggerated the difficulties at Pimco.
"The press makes it much bigger than it really is," he said on Wednesday. "Internally we have moved on and I think the new management team has established itself and is really doing a good job."